Identify the organization functions and the documents involved in the revenue cycle and the expenditure cycle
8 important questions on Identify the organization functions and the documents involved in the revenue cycle and the expenditure cycle
What is the revenue cycle?
What are the two phases in the revenue transaction?
- The Financial phase > the receipt of cash by seller in payment of the account receivable
What is the sales order subsystem?
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What are the steps in the sales order subsystem?
Sales order
2. Check credit
Approved sales order
3. Check inventory
4. Pick goods
Stock release
o Verifying order
5. Ship goods
Verified Stock release
Packing slip & Shipping notice Bill of lading
6. Bill customer
o SO pending file
o Sales invoice
o Record sale in sales journal
7. Update inventory records
8. Update accounts receivable
9. Post to general ledger
What is the overall objective of the cash receipts processing system?
- Receive and secure payments
- Properly match payments with customer and adjusting the correct accounts
- Properly accounting for and reconciling financial details of the transaction
What are the steps of the cash receipts processing system?
1. Open mail and prepare remittance advice
Check
Remittance advice
o Record check to remittance list
2. Record and deposit checks
o Record check in cash receipts journal
o Deposit slip
3. Update accounts receivable
4. Update general ledger
5. Reconcile cash receipts and deposits
o A controller compares
Copy of the prelist
Deposit slips
Journal vouchers
What is the expenditure cycle?
What are the steps in the purchases system?
i. Purchase requisition
Prepare purchase order
Purchasing agents
Collect PRs
Check costs
Check discounts
Issue and send PO (one to each vendor)
Distribute PO copies internally
Inventory control
Receiving (Warehouse): blind copy
Accounts Payable (A/P)
There is always an open/closed purchase order file
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